Third Party Banking Software Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Banking has undergone a paradigm shift over the years on account the gigantic strides made in technology. From credit cards and ATMs to the latest chatbots, they are known to have leaned on technology heavily to improve operations, better serve customers, and thereby increase their profit margins. An emergent trend in that direction is leveraging third party banking software.
A third party banking software helps them to reduce operational costs and hence enhance profits. It also helps them to better understand a customer’s changing demands and facilitate flexible operations. Commercial banks go for installation of third party software solutions to connect to a desired interbank network as well as to other modular software. Trading banks and retail banks, for example, use it to streamline their operations.
A third party banking software can serve as a core banking software, multi-channel banking software, business intelligence software solution, and private wealth management software. Increasing demand for standardized activities by the banking sector is the primary growth driver of the market for third party banking software worldwide. This is because of the rising complexity of even the basic banking activities. Besides, demand for sophisticated software solutions to manage various financial stuff using a very flexible process is also resulting in increased uptake of the software.
From a geographical standpoint, Europe and North America are dominant regions in the global third party banking software market. This is because of the amount of demand they generate and also because of being home to a copious number of important players.
Third party banking software finds a massive scope of use for the automated and manual managing of nearly all bank functions to enhance the throughput and cut down on service time for its customers. The intention of implementing third party banking software solutions is to allow generally the commercial banks to connect to a desired interbank network as well as to other modular software. Based on functions, the global third party banking software market can be segmented into core banking software, business intelligence software solution, multi-channel banking software, and private wealth management software. Third party banking software is commonly used by trading banks and retail banks to streamline their operation.
The global third party banking software market is currently being driven by factors such as the growing demand for standardized activities in the banking sector. There has been a sea of change in banking operations over the recent years and the growing complexity even basic banking activities has necessitated for efficient and competent banking software solutions. Banks today want advanced solutions in software which can help them handle all their financial needs through a highly flexible process. The economic crisis of the past decade has made a lot of large banking firms reevaluate their business and expansion strategies. A lot of them are progressing with the intention of adopting advanced risk management and information management systems, as long as they fall within the limitations set by the concerned national regulatory framework.
However, the global third party banking software market is currently being stifled by the reluctance of several key banks due to the high costs of moving from legacy systems to the new automated systems. The task of upgrading existing systems is also a very crucial activity that involves the creation of complex system networks, therefore requiring a lot of skilled labor which is unfortunately in short supply currently.
Recent trends in the global third party banking software market show an increase in the implementation of online banking and mobile banking by customers. The users are showing a high level of inclination towards accessing their account details and perform financial actions and make transactions by using their smartphones, laptops, tablets and other handheld devices. this presents a vast scope of new opportunities for players in the global third party banking software market, especially in developing economies where the above trends have only just started to pick up pace.
North America and Europe have so far been the leaders of the global third party banking software market in terms of both demand volume and prominence of players. Both regions are expected to witness very high growth rates over the coming years. The growth rate of both regions is owed to a growth in the use of banking software solutions in various business activities as well as the large presence of globally leading financial institutes here. Asia Pacific, on the other hand, with its rapidly growing banking sectors and flourishing economies, is a promising market and is expected to show a substantial growth in this market.
Some of the leading players operating in the global third party banking software market include Sungard Ambit., Sopra Banking Software, Polaris Financial Technology, Path Solutions, Nucleus Software, Misys Plc., Jack Henry & Associates, Infosys Ltd., Fiserv Inc., FIS Group, Diasoft Software Solutions, Datapro Inc., Temenos Group AG., Tata Consultancy Services Ltd., SAP AG, and Oracle Corp.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report